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Need professional advice for your consent to let with Ahli United Bank (UK) plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Ahli United Bank consent to let: Q and A’s
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If push comes to shove what action Ahli United Bank can take if I have let out my house in the absence of consent to let?
- I have to move my children's school by early-September and move to a different area. there is insufficient time to find a buyer for my house.The short term option is to lease my house out. Currently I have standard occupiers insurance. Am I obliged to take out a different insurance? What should request from Ahli United Bank regards to consent to let?
- Am I required to inform Ahli United Bank of my plan to rent a shed out on my property. Can you shed any light on this? I am seeking separate advice on the insurance, legal and tax side of things .
- I have a domestic mortgage on a one bedroom apartment in Havering but have rented it out without making Ahli United Bank aware of this. I now need a consent to let letter. How can I get one?
- Would a previous extension to a mortgage term with Ahli United Bank work against us when we applied to Ahli United Bank for consent to let.
- My partner and I would like to rent out my home to be closer to my daughter's uni and look after of my mother. Do I need consent to let from my lender Ahli United Bank?
- I have fixed rate mortgage with Ahli United Bank. I may have to rent out my place due to necessity. Were I to apply for consent to let, will I have to pay significantly more interest?
- Me and my husband am looking into the option of letting out my home with consent to let from Ahli United Bank whist away travelling for six months
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Ahli United Bank consent to let Questions and Answers
Tax and Legal
There are numerous potential tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
One thing to remember when arranging a consent to let mortgage with Ahli United Bank is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ahli United Bank